A Prosperous Future: Emerging tech

Australia's relationship with the United States

Australia's relationship with the United States is economically and strategically significant for both countries.

As we face a future with complex technological, geopolitical, economic, environmental and social challenges, strong US and Australia relations have never been more important. These pressures are increasing and will test the resilience of both nations, but they also create exciting new opportunities for US and Australian business collaboration.

KPMG has partnered with AmCham in Australia to examine the industries we believe will shape the future economic and strategic partnership between the US and Australia for the next 50 years.

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Our first report, published in December 2021 identified the six emerging industries that are key to the future of the US and Australia partnership – Artificial Intelligence, Digital Economy, Quantum Computing, Biotechnology, Space Industry, and Energy and Clean Technology.

This second report examines opportunities for trade, investment and skilled employment creation in AI, Quantum Science and the Digital Economy. Our report analyses these three emerging deep tech industries, quantifies the commercial benefit to Australia and examines the most appropriate go-to-market strategies for Australian participants in these sectors.

A Prosperous Future

Key industries for Australia/US collaboration

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    Report highlights

    Australia could add 80,000 highly skilled jobs to our work force and secure AUD $24 billion in incremental capital investment by the end of the decade if we accelerate Emerging Tech exports to the United States.
Australia’s world-leading research in AI, Quantum Science and the Digital Economy are three sectors poised to benefit from the landmark AUKUS security pact.  The report notes that Australia ranks among the top ten nations globally for Quantum Computing research, early stage investment and QC patents.  But our report contends Australia must improve efforts to transform innovation into commercialisation to capitalise on the unprecedented economic opportunities in Emerging Tech.
The report analyses Australia’s strengths in each industry against the level of openness in the United States to identify opportunities for Australia to participate in the US supply chain, such as Australia’s trailblazing AI capabilities in mining and defence.  The report notes that niche AI products and services that complement US capabilities are more likely to find a path to market. The report identifies the Financial Services Industry, which purchases US $2 billion of AI goods and services annually, as the sector where Australian firms are most likely to be successful. The report suggests Australian companies at the vanguard in Quantum Computing and the Digital Economy could also experience dramatic growth.

Three areas of focus

Artificial Intelligence

The integration of various technologies which enables machines to learn and produce information output by either thinking and acting like a human, or by exercising original and independent intelligence that is distinct and dissimilar from human thought and behaviour.

Quantum Computing

The search for the minimal amount of physical property involved in fundamental interactions. It includes quantum computing, quantum physics, and quantum mechanics. For these reports, it includes application and use of phenomena to create new and faster ways of computing and manufacturing, enabling operations to be undertaken at speeds exponentially higher than possible with conventional technologies, often with less energy consumption.

Digital economy

Global network of economic activities, commercial transactions and professional interactions enabled by information, computer, and communications technologies. It is characterised by the creation and sale of safe and secure technologies for creating internet and mobile transactions, as well as new consumer and business-facing digital services.